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The New Wealth of Nations - Project Syndicate RSS-Feedhttp://www.project-syndicate.org/rss/michael-spence
1441040Are Equities Overvalued?Since the global economic crisis, sharp divergences in economic performance have contributed to significant stock-market volatility. Now, stocks are reaching relatively high levels by conventional measures – and it is difficult to discern precisely why.]]>http://www.project-syndicate.org/commentary/stock-market-equities-overvalued-by-michael-spence-2015-0318http://www.project-syndicate.org/commentary/stock-market-equities-overvalued-by-michael-spence-2015-03http://www.project-syndicate.org/commentary/stock-market-equities-overvalued-by-michael-spence-2015-03
Thu, 26 Mar 2015 17:49:59 +0000Michael SpenceWhy Public Investment? The world is facing the prospect of an extended period of weak economic growth. But risk is not fate: The best way to avoid such an outcome is to figure out how to channel large pools of savings into productivity-enhancing public-sector investment.]]>http://www.project-syndicate.org/commentary/public-investment-economic-growth-by-michael-spence-2015-0220http://www.project-syndicate.org/commentary/public-investment-economic-growth-by-michael-spence-2015-02http://www.project-syndicate.org/commentary/public-investment-economic-growth-by-michael-spence-2015-02
Fri, 20 Feb 2015 12:50:00 +0000Michael SpenceHalf-a-Loaf GrowthAt a time of lackluster economic growth, countries around the world are attempting to devise and implement strategies to spur and sustain recovery. The key word is strategy: to succeed, policymakers must ensure that measures are implemented in reasonably complete packages.]]>http://www.project-syndicate.org/commentary/economic-growth-strategies-by-michael-spence-2015-014http://www.project-syndicate.org/commentary/economic-growth-strategies-by-michael-spence-2015-01http://www.project-syndicate.org/commentary/economic-growth-strategies-by-michael-spence-2015-01
Tue, 20 Jan 2015 15:20:04 +0000Michael SpenceFive Reasons for Slow GrowthSince the beginning of the financial crisis, growth projections by governments, central banks, and international financial institutions have been consistently overoptimistic. At least five factors need to be taken into account in forecasting growth and crafting effective economic-recovery efforts.]]>http://www.project-syndicate.org/commentary/slow-economic-growth-reasons-by-michael-spence-2014-1216http://www.project-syndicate.org/commentary/slow-economic-growth-reasons-by-michael-spence-2014-12http://www.project-syndicate.org/commentary/slow-economic-growth-reasons-by-michael-spence-2014-12
Mon, 29 Dec 2014 14:00:16 +0000Michael SpenceReforming China’s Commanding HeightsThe problem with China's economy is not the volume of state-owned assets, but their concentration in a few companies and industries, which poses risks to economic performance. So the logical solution is not to privatize, but to diversify the state's holdings over time.]]>http://www.project-syndicate.org/commentary/china-state-asset-diversification-by-michael-spence-2014-112http://www.project-syndicate.org/commentary/china-state-asset-diversification-by-michael-spence-2014-11http://www.project-syndicate.org/commentary/china-state-asset-diversification-by-michael-spence-2014-11
Mon, 17 Nov 2014 13:20:06 +0000Michael SpenceGrowth in the New Climate EconomyAction to reduce carbon-dioxide emissions and mitigate climate change has long been viewed as fundamentally opposed to economic growth. But a recently released report concludes that efforts to combat climate change could boost growth considerably – and soon.]]>http://www.project-syndicate.org/commentary/climate-change-mitigation-and-economic-performance-by-michael-spence-2014-1011http://www.project-syndicate.org/commentary/climate-change-mitigation-and-economic-performance-by-michael-spence-2014-10http://www.project-syndicate.org/commentary/climate-change-mitigation-and-economic-performance-by-michael-spence-2014-10
Fri, 31 Oct 2014 13:00:09 +0000Michael SpenceEurope’s BargainEurozone member countries should implement fiscal and structural reforms in exchange for short-run relaxation of fiscal constraints – not to increase liabilities, but to focus on growth-oriented investments to jump-start sustained recovery. If they do, private investors would take note, accelerating the recovery process.]]>http://www.project-syndicate.org/commentary/michael-spence-calls-for-eurozone-members-to-cut-public-sector-liabilities-while-hiking-public-sector-investment23http://www.project-syndicate.org/commentary/michael-spence-calls-for-eurozone-members-to-cut-public-sector-liabilities-while-hiking-public-sector-investmenthttp://www.project-syndicate.org/commentary/michael-spence-calls-for-eurozone-members-to-cut-public-sector-liabilities-while-hiking-public-sector-investment
Fri, 19 Sep 2014 09:30:08 +0000Michael SpenceGood and Bad InequalityThe “old” theory about inequality was that redistribution via the tax system weakened incentives and undermined economic growth. But the relationship between inequality and growth is far more complex and multi-dimensional than this simple trade-off suggests.]]>http://www.project-syndicate.org/commentary/michael-spence-asks-whether-disparities-of-income-and-wealth-help-or-hurt-prospects-for-economic-growth11http://www.project-syndicate.org/commentary/michael-spence-asks-whether-disparities-of-income-and-wealth-help-or-hurt-prospects-for-economic-growthhttp://www.project-syndicate.org/commentary/michael-spence-asks-whether-disparities-of-income-and-wealth-help-or-hurt-prospects-for-economic-growth
Tue, 26 Aug 2014 13:20:05 +0000Michael SpenceThe Global Security DeficitSummer is normally a time to take a break from the risks and worries of everyday life, and perhaps to take stock of where we are and where we are heading. But this is increasingly difficult, because our everyday lives are becoming so much riskier and more worrying.]]>http://www.project-syndicate.org/commentary/michael-spence-warns-that-political-instability-and-conflict-are-now-the-main-threat-to-the-global-economy15http://www.project-syndicate.org/commentary/michael-spence-warns-that-political-instability-and-conflict-are-now-the-main-threat-to-the-global-economyhttp://www.project-syndicate.org/commentary/michael-spence-warns-that-political-instability-and-conflict-are-now-the-main-threat-to-the-global-economy
Fri, 25 Jul 2014 09:00:00 +0000Michael SpenceRebooting ChinaThough China's government has expressed a willingness to accept slower growth for the sake of a more stable, sustainable economy, whether the decline will be temporary is not yet apparent. Ensuring that it is will require patience and discipline in domestic and foreign policy.]]>http://www.project-syndicate.org/commentary/michael-spence-urges-the-country-s-officials-to-maintain-patience-and-discipline-in-domestic-and-foreign-policy2http://www.project-syndicate.org/commentary/michael-spence-urges-the-country-s-officials-to-maintain-patience-and-discipline-in-domestic-and-foreign-policyhttp://www.project-syndicate.org/commentary/michael-spence-urges-the-country-s-officials-to-maintain-patience-and-discipline-in-domestic-and-foreign-policy
Thu, 19 Jun 2014 09:00:00 +0000Michael SpenceLabor’s Digital DisplacementDigital technologies are once again transforming global value chains and, with them, the structure of the global economy. What do businesses, citizens, and policymakers need to know as they scramble to keep up?]]>http://www.project-syndicate.org/commentary/michael-spence-describes-an-era-in-which-developing-countries-can-no-longer-rely-on-vast-numbers-of-cheap-workers8http://www.project-syndicate.org/commentary/michael-spence-describes-an-era-in-which-developing-countries-can-no-longer-rely-on-vast-numbers-of-cheap-workershttp://www.project-syndicate.org/commentary/michael-spence-describes-an-era-in-which-developing-countries-can-no-longer-rely-on-vast-numbers-of-cheap-workers
Thu, 22 May 2014 09:00:00 +0000Michael SpenceThe Gain in SpainThe Spanish economy is beginning to attract investors’ attention – and not only because asset prices are depressed in the current climate. While there are huge problems that must still be overcome, there is also a clear sense on the ground that the economy has passed a turning point, roughly at the start of this year.]]>http://www.project-syndicate.org/commentary/michael-spence-explains-why-the-spanish-economy-is-beginning-to-attract-investors--attention2http://www.project-syndicate.org/commentary/michael-spence-explains-why-the-spanish-economy-is-beginning-to-attract-investors--attentionhttp://www.project-syndicate.org/commentary/michael-spence-explains-why-the-spanish-economy-is-beginning-to-attract-investors--attention
Wed, 23 Apr 2014 09:00:00 +0000Michael SpencePolitics-Proof Economies?Governments’ inability to act decisively on their economies’ growth, employment, and distributional challenges has emerged as a major source of concern worldwide. But, as a recent study has shown, there is little correlation between a country’s relative economic performance and how “functional” its government is.]]>http://www.project-syndicate.org/commentary/michael-spence-and-david-brady-on-the-remarkably-weak-correlation-between-relative-economic-performance-and-government-effectiveness11http://www.project-syndicate.org/commentary/michael-spence-and-david-brady-on-the-remarkably-weak-correlation-between-relative-economic-performance-and-government-effectivenesshttp://www.project-syndicate.org/commentary/michael-spence-and-david-brady-on-the-remarkably-weak-correlation-between-relative-economic-performance-and-government-effectiveness
Tue, 18 Mar 2014 09:00:00 +0000Michael Spence, et al. Overshooting in Emerging MarketsIn the last few years, investors, policymakers, and businesses have been devoting considerable attention to the so-called “middle-income trap.” As a result, emerging markets' downside risks are increasingly shaping the consensus forecast – a poor basis for investment and policy decisions.]]>http://www.project-syndicate.org/commentary/michael-spence-believes-that-financial-markets--dramatic-shift-in-sentiment-is-badly-misguided5http://www.project-syndicate.org/commentary/michael-spence-believes-that-financial-markets--dramatic-shift-in-sentiment-is-badly-misguidedhttp://www.project-syndicate.org/commentary/michael-spence-believes-that-financial-markets--dramatic-shift-in-sentiment-is-badly-misguided
Thu, 20 Feb 2014 10:00:00 +0000Michael SpenceThe Real Challenges to GrowthAdvanced economies’ experience since the 2008 financial crisis has spurred a rapidly evolving discussion of growth, employment, and income inequality. That should come as no surprise: For those who expected a relatively rapid post-crisis recovery, the more things stay the same, the more they change.]]>http://www.project-syndicate.org/commentary/michael-spence-explains-why--secular-stagnation--is-not-a-problem-that-the-us-and-other-advanced-economies-should-try-to-solve13http://www.project-syndicate.org/commentary/michael-spence-explains-why--secular-stagnation--is-not-a-problem-that-the-us-and-other-advanced-economies-should-try-to-solvehttp://www.project-syndicate.org/commentary/michael-spence-explains-why--secular-stagnation--is-not-a-problem-that-the-us-and-other-advanced-economies-should-try-to-solve
Thu, 23 Jan 2014 10:00:00 +0000Michael SpenceThe Distributional ChallengeMany advanced and developing countries’ growth patterns – both before and since the 2008 crisis – have underpinned a dramatic shift in income and wealth toward the upper quartile of the distribution. This is producing high and rising levels of income inequality, and may also be contributing to reduced economic and social mobility.]]>http://www.project-syndicate.org/commentary/michael-spence-addresses-the-rising-wage-and-income-inequality-that-is-jeopardizing-social-cohesion-and-political-stability-worldwide5http://www.project-syndicate.org/commentary/michael-spence-addresses-the-rising-wage-and-income-inequality-that-is-jeopardizing-social-cohesion-and-political-stability-worldwidehttp://www.project-syndicate.org/commentary/michael-spence-addresses-the-rising-wage-and-income-inequality-that-is-jeopardizing-social-cohesion-and-political-stability-worldwide
Thu, 09 Jan 2014 17:24:53 +0000Michael SpenceWhat’s Stopping Robust Recovery?Many advanced economies must still address the end of the pre-crisis growth pattern generated by excessive domestic demand. In such economies, that pattern not only typically depended on leverage; it also enlarged the non-tradable side of the economy and shrank the tradable side.]]>http://www.project-syndicate.org/commentary/michael-spence-explores-the-causes-of-partial-and-stalled-economic-recoveries13http://www.project-syndicate.org/commentary/michael-spence-explores-the-causes-of-partial-and-stalled-economic-recoverieshttp://www.project-syndicate.org/commentary/michael-spence-explores-the-causes-of-partial-and-stalled-economic-recoveries
Tue, 19 Nov 2013 10:00:00 +0000Michael SpenceAmerica the RecklessThat threat of a default on US sovereign debt has been lifted – for now – but a deeper problem persists. For America’s Republicans and Democrats, negotiating a fiscal grand compromise appears to carry higher costs than playing a game of brinkmanship, even at the risk of default.]]>http://www.project-syndicate.org/commentary/michael-spenceon-the-price-of-us-political-dysfunction0http://www.project-syndicate.org/commentary/michael-spenceon-the-price-of-us-political-dysfunctionhttp://www.project-syndicate.org/commentary/michael-spenceon-the-price-of-us-political-dysfunction
Thu, 17 Oct 2013 09:00:00 +0000Michael SpenceThe Blurry Frontiers of Economic PolicyEconomic policies are set at the national level, where officials seek to benefit the domestic economy. But these policies are increasingly affecting other economies and the global system, giving rise to what might be called “policy externalities” – consequences that extend outside policymakers’ target environment.]]>http://www.project-syndicate.org/commentary/the-growing-challenge-of-policy-externalities-by-michael-spence2http://www.project-syndicate.org/commentary/the-growing-challenge-of-policy-externalities-by-michael-spencehttp://www.project-syndicate.org/commentary/the-growing-challenge-of-policy-externalities-by-michael-spence
Thu, 19 Sep 2013 09:00:00 +0000Michael SpenceDecision Time for the Global EconomyMuch of the uncertainty pervading the global economy is set to dissipate. In the coming months, highly consequential policy decisions (or their absence) in systemically critical parts of the global economy will be revealed, with significant effects on growth rates, asset prices, and overall confidence.]]>http://www.project-syndicate.org/commentary/decision-time-for-the-global-economy-by-michael-spence13http://www.project-syndicate.org/commentary/decision-time-for-the-global-economy-by-michael-spencehttp://www.project-syndicate.org/commentary/decision-time-for-the-global-economy-by-michael-spence
Mon, 19 Aug 2013 09:00:00 +0000Michael Spence